The Sacramento Bee
Two Davis apartment complexes sell for combined $52.7 million
Two Davis apartment complexes have been sold for a combined $52.7 million to separate Contra Costa County partnerships, according to the Sacramento regional office of commercial real estate broker CBRE.
CBRE said the College Square complex, a 240-unit site at 801 J St., sold for $34.55 million to Danville-based Green Leaf Partners. The multifamily complex was built in 1970. Nearby Academy Lane, a 158-unit complex built in 1959, recently sold for $18.15 million to Walnut Creek-based Bridge Partners. That complex is at 1124 F St.
Marc Ross and William Blucher of CBRE’s Sacramento Multifamily Group represented the sellers in both transactions – Beverly Hills-based Kennedy Wilson in the sale of College Square and Larkspur-based Virtu Investments in the sale of Academy Lane.
Historically, opportunities to invest in Davis properties are rare, with many held for generations, according to a CBRE media release. The brokerage said College Square marks the first Davis property of more than 200 units to trade hands in more than a decade.
Call The Bee’s Mark Glover, (916) 321-1184.